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View Diary: Mitt Romney: It's fair I pay a lower tax rate than people making $50,000 (348 comments)

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  •  Capital Gains Tax Rate Not Flat (0+ / 0-)

    The capital gains tax rate is not technically flat. There's a zero percent rate as well. It's just that people in the 10% and 15% income tax brackets don't typically have a lot of tax-exempt long-term capital gains, so the long-term capital gains tax rate might as well be flat.

    I also agree that all interest, dividends, and capital gains should be taxed at ordinary progressive income tax rates based on the inflation indexed value of the gains. I also think that the Social Security payroll tax income cap should be lifted completely, and payroll taxes should be extended to interest, dividends, and capital gains. Furthermore, payroll taxes should not even be withheld if the wage earner is earning at a rate equal or lower than the poverty line.

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